The Bitcoin market is experiencing a significant correction, with the price dropping below its 50-day moving average. This decline is attributed to substantial outflows from spot Bitcoin ETFs, which have recorded a total of $208 million in outflows on Monday alone.

Bitcoin Price Under Pressure

The Bitcoin price has continued to decline, dropping by another 1% and edging closer to $65,000. At present, BTC is trading at $65,685, marking a 5% decrease on the weekly chart. The daily trading volume has surged by 125%, surpassing $35.7 billion.

Bitcoin ETF Outflows

The Bitcoin ETF outflows seem to be a recurring theme, with the Federal Reserve's hint to maintain interest rates higher than expected contributing to the decline. Last week, Bitcoin investment products registered $620 million in outflows, with the Bitcoin ETFs bleeding heavily.

More Downside Ahead?

Popular crypto analyst Rekt Capital has shared an interesting insight, stating that the Bitcoin price is not above to break past the rage high of $60,573-$71,524. The price has faced rejection from the high of this re-accumulation range, diving deeper into the range itself.

To breakout into the parabolic phase, Bitcoin needs to surge past the range high of $71,350. However, it runs out that the BTC price isn’t even able to break the lower high of $67,183, suggesting that the resistance is occurring progressively lower and lower.

As a result, sellers are weighing down on price and willing to sell at lower levels during rallies. The price has failed to provide crucial support at $67,200, which was previously a strong rebound point. Analysts expect the possibility of BTC price drop to $63,800 if current support levels fail to hold.